NEW YORK, United States, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Natural Language Processing Market Size, Share, Growth Analysis Report By Product Type (Rule-based, Statistical, and Hybrid), By Deployment Model (Public, Private and Hybrid), By Technology (Recognition, Analytics, and Operational), By Application (Information Extraction, Machine Translation, Processing, and Visualization), By End-User (BFSI, I.T. and Telecommunication, Defense, Government Organization, Retail and E-commerce, Healthcare, Energy and Utility), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
According to Facts and Factors, the Global Natural Language Processing Market size & share was worth USD 4,251.50 million in 2021 and is estimated to grow to USD 13,277 million by 2028, with a compound annual growth rate (CAGR) of approximately 20.90% over the forecast period. The report analyzes the Natural Language Processing Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the cloud natural language processing market.
What is Natural Language Processing? How big is the Natural Language Processing?
Industry Overview:
Cloud natural language processing (NLP) uses cloud machine learning to extract text's structure and meaning. Organizations can use natural language processing software to analyze text and extract data about individuals, locations, and events better to understand customer interactions and sentiment on social media. A branch of computer science and a part of artificial intelligence, natural language processing (AI). Through AI and real-time analytics, it assists in bridging the technological and human worlds. Some examples are Siri, Alexa, Google Search, and other systems that use NLP.
Through its many products & services, NLP is expected to aid in comprehending, interpreting, and manipulating human language. As a result, major businesses are focusing on incorporating NLP into programs for sentiment analysis, machine translation, speech recognition, chatbots, text classification, market intelligence, and spell checking. NLP is also becoming quite popular as a result of its value in data organization while dealing with client questions and feedback through chatbots. Therefore, NLP also shortens the learning curve for programming languages like Java, C++, Ruby, and C.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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Market Growth Dynamics
In the sphere of AI, the natural language processing industry will be quite important. Businesses have used it to organize massive amounts of data and prevent problems. The device has been able to enter many different end-user sectors thanks to its broad applicability. The market will continue to expand in the years to come because of the constant technological advancements. The market is expanding as a result of factors like the increasing use of smart devices to support smart environments. Additionally, the market for natural language processing is developing due to the rising demand for sophisticated text analytics as well as rising internet and connected device usage.
In addition, NLP-based apps are increasingly being used across industries to improve customer experience. Additionally, it is anticipated that growing investments in the healthcare industry would offer the market significant growth prospects. But difficulties arising from the use of code-mixed language when implementing NLP solutions and restrictions in the development of NLP technology utilizing neural networks are constraining the use of cloud-based services, which can impede market growth.
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Natural Language Processing Market: COVID-19 Impact Analysis
In spite of the fact that it is predicted that COVID-19 will only have a short-term impact, it is possible that projections and enterprises will be adversely impacted for at least eight to twelve months. Because of the proliferation of new behaviors, such as working from home and withdrawing from social interactions, the implementation of natural language processing solutions that are hosted in the cloud has become essential for ensuring the confidentiality of sensitive data and keeping remote workers focused on their work.
As a response to the global COVID-19 pandemic, businesses have begun using a variety of innovative and recently developed digital solutions. Natural language processing) solutions are becoming a new source of differentiation, which allows them to stand out from their competitors. Thanks to newly developed and refined NLP technology, companies now have the ability to enhance their communication with many organizational stakeholders. When businesses need to work quickly with teams, having systems that allow for document exchange is crucial.
Natural Language Processing Market: Segmentation Analysis
The product type, deployment style, technology, application, and end-user are used to segment the natural language processing market. It is divided into rule-based, statistical, and hybrid product types. In 2021, the rule-based category dominated the global market. It is divided into public, private, and hybrid categories according to deployment mode. In 2021, the public category dominated the global market. It is divided into three categories based on technology: operational, analytics, and recognition. In 2021, the operational category dominated the global market. Information extraction, machine translation, processing, and visualization are the different application categories.
In 2021, information extraction had a major share in the global market. BFSI, IT and telecommunication, defense, government organizations, retail and e-commerce, healthcare, energy, and utilities are the categories under which it is categorized by the end user. In 2021, IT and telecommunication had a major share.
The global Natural Language Processing market is segmented as follows:
By Product
- Rule Based
- Statistical
- Hybrid
By Deployment Model
- Public
- Private
- Hybrid
By Technology
- Recognition
- Analytics
- Operational
By Application
- Information Extraction
- Machine Translation
- Processing
- Visualization
By End-User
- BFSI
- IT and Telecommunication
- Defense
- Government Organization
- Retail and E-Commerce
- Healthcare
- Energy
- Utility
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Competitive Landscape
Some of the main competitors dominating the global Natural Language Processing market include -
- 3M Company
- Apple Inc.
- Amazon Web Services
- Baidu Inc.
- Convergys Corporation
- Dolbey Systems Inc.
- Fuji Xerox
- Google Inc.
- H.P. Enterprise
- IBM Corporation
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Natural Language Processing market is likely to expand at a CAGR of around 20.90% during the forecast period (2022-2028).
- In terms of revenue, the Natural Language Processing market size was valued at around US$ 4,251.50 million in 2021 and is projected to reach US$ 13,277 million by 2028.
- Focused on Product Segments, Rule-based products dominated the market in 2021.
- Based on End-User, IT and telecommunication had a major share.
- Information extraction dominated the market in 2021, as per application segments.
- By Regional analysis, North America is expected to have the largest market share.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Natural Language Processing industry?
- What are the main driving factors propelling the Natural Language Processing Market forward?
- What are the leading companies in the Natural Language Processing Industry?
- What segments does the Natural Language Processing Market cover?
- How can I receive a free copy of the Natural Language Processing Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysisBy Product, Deployment Model, Technology, Application, End-User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America is anticipated to have the greatest market size during the projection period. One of the most developed regions, North America, has made significant investments in technologies like analytics, AI, and machine learning. With the US accounting for the largest market share, it is the region of the world's NLP market with the highest revenue-generating capacity. The two main drivers propelling the expansion of the NLP market in the region are the rapid infrastructure expansions and the increased usage of digital technology.
This market is developing, and the rate of product launches in the region is picking up due to the rising innovations in the industry being researched by international firms situated in the United States. The rapidly expanding trend in the area can be ascribed to the digital breakthroughs in the healthcare and life science sectors as well as the region's growing use of patient health record systems.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
- The Verint Intelligent Virtual Assistant (IVA) was honored in May 2021 as one of the winners of the Business Intelligence Group's Excellence in Artificial Intelligence Awards in the category of natural language processing (NLP) products.
- Kore.Ai announced the development of an enterprise-grade VA platform in February 2020. Utilizing conversational AI tools like NLU, Deep Learning, NLP, and Predictive Analytics, the platform enables developers to build virtual assistants.
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 4,251.50 Million |
| Projected Market Size in 2028 | USD 13,277 Million |
| CAGR Growth Rate | 20.90% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | 3M Company, Apple Inc., Amazon Web Services, Baidu Inc., Convergys Corporation, Dolbey Systems Inc., Fuji Xerox, Google Inc., H.P. Enterprise, IBM Corporation, and Others |
| Key Segment | By Product, Deployment Model, Technology, Application, End-User, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
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